Jamaica is an island country situated in the Caribbean Sea, comprising the third-largest island of the Greater Antilles. The island lies about 145 kilometres south of Cuba, and 191 kilometres west of Hispaniola, the island containing the nation-states of Haiti and the Dominican Republic. Jamaica is the fifth-largest island country in the Caribbean.
With 2.8 million people, it is the third most populous Anglophone country in the Americas, after the United States and Canada. Kingston is the country’s largest city and its capital. Jamaica’s climate is tropical, supporting diverse ecosystems with a wealth of plants and animals. Sport is an integral part of national life in Jamaica and the island’s athletes tend to perform to a standard well above what might ordinarily be expected of such a small country.
Jamaica is a mixed economy with both state enterprises and private sector businesses. Major sectors of the Jamaican economy include agriculture, mining, manufacturing, tourism, and financial and insurance services. Tourism and mining are the leading earners of foreign exchange. Half the Jamaican economy relies on services, with half of its income coming from services such as tourism.
Contracting in Latin America is not a simple task and has many on-costs for employers. Most in country tax laws do not recognise contractors per se, hence contract workers may need to be remunerated as employees, taxes withheld and paid to various city, state and federal governments, and reserve funds held for other entitlements until end of contract. Please contact CXC Global for professional advice on the specific legislation applying in the country in order to facilitate contractors and foreign nationals working in Jamaica. Forward planning is of the essence to optimize costs. Jamaica has entered into Double Taxation Treaties with other countries.
For foreign national contract workers, contracting in Jamaica, it would be wise to consult with CXC Global on the best way to structure, and how best to balance your taxation.
With our extensive experience and expertise in contractor management, and assisting organisations with their contingent workforce, CXC Global has the resources and solutions to manage the administration process associated with contracting in Jamaica, facilitating accounting services and administration, local tax calculations, social security registration, tax balancing and preparation of personal income tax return at the end of the tax year.